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Market Update
 

IT'S A BUYERS MARKET

figures are from 8/15/08 to 9/14/08

SALES:
The multiple listing service reports 15 home going under contract over the last 30 days in Wickenburg.  Only 2 homes closed escrow over the last 30 days, the average price was $219,500 with a high of $349,000 and low of $75,000. The average time those homes spent on the market was 184 days.  the final sales price was on average $13,429 less than the asking price.

inventory/ time on the market:
Currently we have 205 homes on the market which is 6 less than last month.   The average time on the market is averaging a little more than  8 months which is a little higher than the normal of 6 months.   The interesting thing is that there is a real shortage of some types of homes.  For example we have a real shortage of newer homes on larger subdivision lots say between 1/4 and 1/2 acre, and also have a shortage of the more affordable horse properties especially under $300K

PRICES:
More about calculating values
Prices appear to be holding reasonably steady, but there are some good deals to be found.

 Expectations:
I am glad to see the number of sales coming up, 15 houses under contract is actually more than I expected.  I am still only expecting to see about 10 houses per month under contract for the remainder of the year, but hope to be pleasantly surprised.  If the sales keep up the prices should stay stable, but I still think it is likely we will see some small drops.  I expect the number of homes on the market to climb from here on out, I will be very surprised if we ever see our inventory this low again..

So if you are seller in the Wickenburg market the competition will remain tough, and there will be little chance of selling a home that is over priced.  For buyers interested in Wickenburg, 2008 is fantastic year to buy.  Both prices and interest rates are low.

Land:
The demand for land has been much lower than normal of late even though the availability is quite good. I attribute that primarily to the asking prices of the land that is on the market. The asking prices of land are actually higher in many areas than they were in 2005. Looking on the bright side we have seen a number of price reductions, and still continue to see new listings to the market. So I wouldn't say that the values of land are dropping, just that the asking prices are falling back to reasonable numbers, that will in many cases still be comparable or even higher than the banner year of 2005.

Summary of data from past market updates

Market update for 8/14/08

Market update for 7/14/08

Market update for 6/14/08

Market update for 5/14/08

Market update for 4/13/08

Market update for 3/13/08

Market update for 2/13/08

Market update for 1/13/08

Market update for 12/13/07

Market update for 11/13/07

Market update for 10/13/07

Market update for 9/13/07

 

* When I mention an average I will exclude 2005 which was a most unusual year in Real Estate.

 

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